French Government's Budget Unhopeful

Grey River Argus, 17 December 1948, Page 5

French Government's Budget Unhopeful

LONDON, Dec. 15. A Reuter correspondent at Paris said: “Heavy as are the tax burdens ( the Budget proposals are criticised on the grounds that there are insufficient economies, that no provision is made for putting the management of nationalised industry on a selfsufficient basis, that insufficient credits are ear-marked for reconstruction and equipment, and that the military estimates, which will be considered separately in January areunsatisfactory. “Business circles fear that another stage of acute financial difficulties will soon be reached. This fear is reflected in a new rise in gold prices and foreign currencies. Black-market rates for dollars have risen to 534 as against 497 a fortnight ago. The sterling rate is 1540 as against 1280 on December 1 The official sterling rate is 1062.”